Metallus (MTUS) FY2023 results: revenue $1.4 billion, up 2.4% on the year

Metallus Inc. (MTUS) reported revenue of $1.4 billion for fiscal 2023, the year ended 31 December 2023, up 2.4% on the year before. Net income was $69 million, up 6.6%, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.4 billion

+2.4% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$69 million

+6.6% on the year

FY2016FY2023

Diluted EPS

$1.47

+13.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,362	1,330	1,283	+2.4%
Cost of revenue	1,176	1,203	1,063	-2.3%
Gross profit	186	127	220	+47.2%
Gross margin	13.7%	9.5%	17.1%
Research and development	n/a	0.8	1.7
Selling, general and administrative	84.6	73.8	77.2	+14.6%
Interest expense	2.7	3.9	6.2	-30.8%
Pre-tax income	96.4	97.1	177	-0.7%
Income tax	27.0	32.0	5.7	-15.6%
Effective tax rate	28.0%	33.0%	3.2%
Net income	69.4	65.1	171	+6.6%
Net margin	5.1%	4.9%	13.3%
Diluted EPS	$1.47	$1.30	$3.18	+13.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	125	134	197	-6.8%
Capital expenditure	51.6	27.1	12.2	+90.4%
Free cash flow	73.7	107	185	-31.4%
Free cash flow margin	5.4%	8.1%	14.4%
Cash from investing	-49.9	-21.7	-4.8
Cash from financing	-51.9	-115	-35.3
Depreciation and amortisation	56.9	58.3	63.1	-2.4%
Share-based compensation	11.5	8.8	7.3	+30.7%
Buybacks	32.6	52.0	0.0	-37.3%
Diluted shares, weighted	48m	52m	55m	-7.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	732	686	665	+6.6%
Debt	13.2	20.4	44.9	-35.3%
Operating lease liabilities	6.4	6.5	8.8	-1.5%
Other liabilities	424	369	441	+15.1%
Total liabilities and equity	1,175	1,082	1,159	+8.6%
Fixed assets	492	486	510	+1.3%
Intangible assets	2.7	5.0	6.7	-46.0%
Cash and equivalents	281	257	260	+9.1%
Receivables	113	79.4	100	+42.6%
Inventory	228	192	211	+18.5%
Other assets	58.3	61.9	71.0	-5.8%
Total assets	1,175	1,082	1,159	+8.6%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.